First Data dips; Tribune Publishing breaks; American Energy, AmSurg revisions emerge

By Sara Rosenberg

New York, July 7 – First Data Corp.’s 2018 term loans were weaker in the secondary market on Monday as the company approached lenders with a proposed refinancing of the debt, and Tribune Publishing Co. freed up for trading.

Moving to the primary, American Energy – Marcellus LLC tightened spreads and the original issue discounts on its first- and second-lien term loans, and AmSurg Corp. added a pricing step-down to its term loan B and lowered the Libor floor.

Furthermore, Ipreo Holdings LLC released talk with launch, and Gemini HDPE LLC, Onsite Rental Group, Cactus Wellhead LLC, Correct Care Solutions (CCS Intermediate Holdings LLC), The Mutual Fund Store (TMFS Holdings LLC), Paradigm Holdco Sarl and Sinclair Television Group Inc. joined this week’s calendar.

First Data’s March and September 2018 U.S. term loans were lower in trading on Monday following news that the company launched a refinancing, according to a market source.

The term loans were quoted at 99¾ bid, par ¼ offered, down from par 1/8 bid, par 3/8 offered, the source said.

For the refinancing, the company is seeking a $4.25 billion first-lien term loan due March 2018, a €311 million first-lien term loan due March 2018 and a $1,008,000,000 first-lien term loan due September 2018, all talked at Libor/Euribor plus 350 basis points with no Libor floor, and an original issue discount of 99½ for new money and 99¾ for existing money, another source remarked.

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